Toys R Us plans to close up to 182 stores

Toys R Us late Tuesday filed court documents outlining plans to close up to 182 stores as part of its bankruptcy reorganization plans.

The company noted that some closings may be avoided if it is able to negotiate more favorable lease terms. But most of the stores listed in the documents are expected to close as Toys R Us tries to reinvent itself as a leaner, smarter retailer.

Going-out-of-business sales are scheduled to begin in February and be completed in April.

Toys R Us will shrink its store fleet by about 20%, or some 6.9 million square feet, if all 182 stores are closed.

"The reinvention of our brands requires that we make tough decisions about our priorities and focus," Toys R Us Chief Executive Dave Brandon said in a letter posted on the company's website Tuesday night.

In addition to closing stores, the company intends to convert a number of locations into combined Toys R Us and Babies R Us stores.